We all know that life can change in an instant. Regardless of your age or your financial status, estate planning is critical to protecting your loved ones in the event an unexpected negative event occurs. Below is a checklist to consider in creating a “safety net” for your family:
- If tragedy should strike, you want to have the financial resources to deal with it. This means having medical insurance and life insurance.
- Execute the necessary documentation evidencing how you want your end-of-life medical treatment to be handled. This may include signing a living will, appointing a health care proxy, and/or signing a Do Not Resuscitate (DNR) order.
- If you have minor children, it is essential that you appoint a guardian to care for them in the event you are unable to care for them yourself.
- It is important to create a will or trust that sets forth who will inherit your property and assets. You should verify that any real estate, bank accounts, or financial assets that you own are titled to reflect your intent as set forth in your estate plan.
- Take steps to organize your important records and make sure your loved ones know how to access them. You should include instructions regarding your digital assets as well.
- Consider pre-planning your funeral and/or burial arrangements.
- Review your beneficiary designations on your retirement accounts, life insurance policies and other pay-on-death assets.
- If you have a pet, consider creating a plan for its care.
- Have open and honest conversations with your family, friends and other loved ones so your intentions are clear.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.